Close to 20 decades back, two of my best friends and I decided to pool our funds after school and find an apartment of their own. The three people were hardly able to pay for a three bedroom flat which has been about a decade old at the moment. We paid approximately $500/mo. in rent.
The flat was a ditch. The floor, the kitchen and, particularly, the baths were so poor, my dad walked in 1 day using a horrified look of disgust on his head, also refused to remain. But that was exactly what my friends and I phoned home.
Now, almost 30 decades after I'm doing loans for individuals buying units in the exact same apartment complex. Nowadays, it is a condominium conversion!! The whole complex was remodeled, and the components are going for almost $175,000 a device.
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You know about condominium conversions and how amazingly hot they're in the marketplace. First time house buyers are flocking to become in almost any way they could. This has really crippled the flat company also is driving the largest condo conversion boom in 20 decades. If you are looking for NYC luxury condos then you can simply visit https://40eastend.com/building/ or similar websites.
More than 12,000 apartment units at new York City are now mapped for condominium. The builders typically hunt for apartment-to-condo at desired places where they will not directly compete with inexpensive entry-level homes. They want to offer an affordable alternative to pricier single-family homes or to costlier condos in new developments.